EUR/JPY buoyed by 127.71/126.87

At the end of the last week we started to have doubts whether the up-trend support line will be capable of withstanding exorbitant selling pressure. The area at 127.71/126.87, also formed by the weekly and monthly S1 levels apart from Feb 6 high, not only halted the correction, it helped the pair to recuperate, being that EUR/JPY is already approaching the Jun 4 high at 131.40 and is set to continue advancement further, according to the technicals.

Despite the sharp moves EUR/JPY has been demonstrating lately, there were no significant changes in traders' sentiment towards the currency couple since the last report made on Friday. The share of long positions stands at 52%, meaning that traders are currently neutral with respect to the pair.